It's more fair to compare bullets of similar sectional density rather than bullet weight. Like a 140 gr. .277" bullet has a SD of .261, and a 140 gr. .284" bullet has a SD of .248, close, but not identical. Closer would be the 130 gr. 277 (.242) and the 140 gr. 7mm. Or a 140 gr. 277" and a 150 gr. 7mm (.266), or a 150 gr. .277" (.279), vs a 160 gr. 7mm (.283).
The slightly larger bore diameter of the 280 gives a larger push area on the expanding powder gases, and the 280, loaded to same pressures, will always shoot slightly faster than a 270 with the same bullet weight, usually by 50 fps. The usually higher BC of the higher S.D. 270 bullet will retain velocity a bit better, thus downrange, the initial velocity advantage the 280 held is gone. Does any of this make sense??
Who here wants me to shut up now?